Banking Firm Announces Appointment

The parent of Bridgeport-based Lafayette American Bank and Trust Co. said it has named Robert B. Goldstein as president and chief operating officer to replace Andrew A. DelGrego.

Goldstein will join Lafayette American Bancorp Inc. Friday. He previously was vice chairman and chief operating officer of National Community Banks in New Jersey.

DelGrego resigned last week to pursue other interests, the company said.

Lafayette also said it earned $350,000, 9 cents per share, in the third quarter, compared with a loss of $1 million, 29 cents per share, for the same time last year.

Lafayette restated its first-quarter and second-quarter results as the result of a recent regulatory examination in which the Federal Deposit insurance Corp. directed the bank to add $6.2 million to loan loss reserves.

Lafayette said it lost $8.6 million, $2.46 per share, in the first quarter instead of its previously reported loss for the period of $2.4 million, 70 cents per share. For the second quarter, the bank lost $4.2 million, $1.21 per share, instead of the earlier recorded loss of $10.4 million, $2.97 per share.

Assets dropped slightly to $633.9 million at the end of the third quarter Sept. 30 from $698.5 million a year earlier. Deposits totaled $548.4 million compared with $608.9 million. Loans were listed at $419.9 million compared with $464.1 million